With rising number of COVID-19 cases worldwide, the apprehension around storage of essential life-saving devices and critical medical supplies to provide optimum care to the patients is increasing. Additionally, until a pharmacological cure is discovered, medical ventilators will remain an essential treatment preference for COVID-19 patients, who may require critical assistance. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of personal protective equipment (PPE) and test-kits such as antibody tests.
Over the recent past, ablation devices have witnessed huge technical improvements. These devices are commonly used as frontline therapy and offer the benefits of enhanced patient safety, patient quality of life, and clinician efficiency. Affordable minimal invasion procedures and long-term hospitalization are expected to boost the growth of the ablation devices market in the near future. This device has gained clinical significance across several medical applications.
The healthcare landscape has been aggressively moving towards greater clinical efficacy, patient-centric models, and reduced hospitalization rate which are presently the major concerns among patients. The result of these transformations is expected to influence the growth of the global ablation devices market which is set to surpass US$ 8 Bn mark by 2029.
Prevalence of Chronic and Cardiovascular Disease to Uphold Market Growth
Growing prevalence of chronic and cardiovascular diseases is the primary factor driving the ablation devices market revenue. Changing eating habits and the sedentary lifestyles of today’s consumers make them susceptible to chronic diseases such as heart stroke, heart diseases, arthritis, cancer, and chronic pain such as knee pain and low back pain. Ablation devices have gained significant traction in treating these chronic diseases. Hence, growth in number of geriatric population and rising prevalence of chronic diseases are expected to provide impetus to the ablation devices market.
In 2020, the coronavirus outbreak has impacted a large of population across the globe. With the rapid spread of the disease, patients suffering from cardiovascular or chronic diseases along with elder demographic with comorbidity are becoming highly vulnerable to the new disease. Owing to this, these people are adhering to government orders of social distancing to protect themselves. Additionally, this situation has put across a complex situation for ablation devices market players.
The pandemic is spreading and resulting in fatalities, which is making it difficult for ablation devices market players to react accordingly. People suffering from cardiac and chronic diseases are continuing their treatment at home. As the healthcare industry is addressing the pandemic, companies manufacturing ablation devices are planning on devising strategies and setting targets for future. This will prevent the manufacturers overcoming the losses incurred.
Radiofrequency Ablation Devices Gain Impetus in Tumor Treatment
Radiofrequency ablation devices have become an important and alternative treatment device for patients who are in the early tumor stages or disqualify for standard surgical treatment. In cases where tumor resection is not feasible, radiofrequency ablation devices remain highly preferred treatment option for small tumors, especially the liver. Radiofrequency ablation devices are preference over surgical procedures, as the patient recovery time is less, while post-procedural quality of life is better.
While many more treatments for cancer exist, healthcare experts prefer radiofrequency ablation devices for the treatment. As they treat cancerous cells to improve the survival of high-risk patients with un-resectable and refractory tumors, demand for RF ablation devices remain exponentially high. These devices reduce the probable side effects and are used on patients suffering from several tumors that cannot be treated through open surgery.
The COVID-19 pandemic has impacted every aspect of the healthcare industry. Balancing the risk of COVID-19 for patients suffering from cancer requires effective treatment using radiofrequency ablation devices. The high rates of sickness among health professionals due to COVID-19 are noticeably reducing the number of staff in the hospitals. Due to the pandemic, healthcare professionals are assisting only emergency cases other than COVID-19 patients. This situation has given rise to new ways of treating cancer patients by reducing the use of radiofrequency ablation devices. Innovations are expected to increase the demand for such ablation deices for oncology services.
North America and Europe to Maintenance their Supremacy
Collectively, North America and Europe capture around 70% of the total revenue share. Governments of both regions are significantly investing in the healthcare industry in order to provide assistance to expanding patient pool of oncological and cardiac disorders. Furthermore, high prevalence of cancer, increased healthcare expenditure, and technological advancements are the other factors escalating the demand for improved healthcare infrastructure. However, the impact of COVID-19 in both regions is frightening.
The improved healthcare infrastructure is now converted into isolation wards for patients suffering from the new disease. Owing to these factors, patients with other health problems who are highly prone to this infection are taken to other healthcare facilities. In the U.S., patients dealing with heart issues and cancer have been taken out of the hospitals in order to accommodate people who are COVID-19 positive.
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